Legislation

The House of Representatives has passed H.R. 2543, The Financial Services Racial Equity, Inclusion, and Economic Justice Act. The bill tasks the Federal Reserve with assessing and finding ways to address socio-economic disparities between racial and ethnic groups.

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The Conference of State Banking Supervisors (CSBS) is urging Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act as part of the final version of the America COMPETES Act.

Passage of the SAFE Banking Act has bipartisan support but it is still unlikely to make it to the final form of the bill in the Senate.

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Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wy.) have introduced the first comprehensive and bipartisan cryptocurrency bill before Congress. The Responsible Financial Innovation Act attempts to address a wide range of issues related to the usage and regulation of cryptocurrencies.

The bill is currently viewed unfavorably by most traditional lenders and banks.

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The House Committee on Financial Services held a hearing to continue the federal government’s discussion on the development of a U.S.-backed central bank digital currency (CBDC).

The notion of the Fed developing and allocating a CBDC has been mostly disfavored by Republicans, as well as industry professionals and community activists.

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A bill has been introduced in the House of Representatives to ban credit reporting agencies from sending “trigger leads” following consumer inquiries regarding home mortgage loans.

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In a release last week, President Joe Biden announced plans designed to ease the burden of housing costs. This will be done by increasing the supply of quality housing in “every community.”

Republicans criticized the plan for perceived failures to promote new construction and for using Fannie Mae and Freddie Mac to promote a political agenda.

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The Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Financial Institutions held hearings to discuss and garner testimony from expert witnesses on overdraft and nonsufficient funds fees.

The Consumer Financial Protection Bureau previously announced its intentions to address what it perceived as harmful “junk fees.”

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In the 2023 budget proposal submitted to Congress, the White House has indicated it is anticipating strong performance for the Home Equity Conversion Mortgage (HECM) program.

The Department of Housing and Urban Development has made legislative proposals to Congress relating to reverse mortgages to coincide with the White House budget.

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Cannabis is a controlled substance and illegal under federal law. Because of this, it is impossible for anyone in the cannabis industry to obtain government-backed loans; and lenders open themselves up to legal issues if they have clients in the cannabis industry.

Recently, the House of Representatives passed legislation that would remove cannabis from the list of controlled substances and modify the way in which its usage, and the billions of dollars the industry produces, are regulated.

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The United States Senate Republican Policy Committee has released a policy paper setting forth the GOP’s current policy position on cryptocurrency. The paper looks at the potential benefits and risks of cryptocurrency and relating technology becoming more mainstream.

The paper also makes note of President Joe Biden and other Democrats for their approach to cryptocurrency regulation.

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